Penny, a provider of payments and expense and travel management solutions for SMEs, has introduced the new Penny prepaid MasterCard card program virtually connected to a mobile app.
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The new offering, built on the open API payment innovation platform of Marqeta, helps monitor and manage employee expenditures, in turn cutting down the time spent on expense tracking and administration processes.
The product helps to control business expenses by enabling the company administrator to oversee where and how each Penny card can be used. It allows alerts to be set to flag an abnormal transaction.
It also has expense tracking reminders, auto re-load capabilities, allows fast and easy set-up, as well as, enables alignment with accounting software.
In addition, Penny prepaid MasterCard cards does not charge any monthly, annual, transaction, withdrawal or cancellation fees.
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By GlobalDataAn updated version of Penny is scheduled to be unveiled in March 2016, which will comprise increased functionalities such as the ability to book flights, hotels and car rentals. This card is issued by Sutton Bank.
Penny CEO John Battley said: "We’ve all experienced admin distracting us from creating value for our customers and bottom lines. Penny gives every employee their very own assistant.
"Whether it’s booking company travel or purchasing a business meal, with Penny, you hand an employee a card, download the mobile app, and let them get on with their job."
